Nigeria Inflation Rate Accelerates in June

Nigeria annual inflation rate accelerated for the fourth straight month to 8.2 percent in June of 2014 from 8 percent in May, due to higher food prices.

Food prices rose 9.8 percent year-on-year in June, up from 9.7 percent in May, driven by cost of bread, cereals, meats, fish, and dairy groups. In contrast, downward pressures came from oils and fats, fruit and vegetables.

From May to June, consumer prices rose 0.77 percent following a 0.78 percent increase in the previous period. Food prices increased 0.8 percent, the same rate recorded in the previous two months. The highest price increases were recorded for potatoes, yams, bread and cereals, meat and fish.

Core inflation rate accelerated to 8.1 percent in June from 7.6 percent in the previous month.

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